| Needing advice
Greetings, I’m in need of advice.
My husband and I purchased a home in August of 2002. We used his VA guarantee to get the loan and the interest was 7.25% fixed. We were able to refinance the loan to 5% fixed 6 months later. We were on time with payments until my husband collapsed at work in June of 2003. He was put on short term disability and then was diagnosed with an illness that made his disability permanent. He was severed from the company he was working at in May of 2003. Since that time, because of the way he’s being paid his SSA and his disability insurance funds, we’ve been late. The mortgage is due on the 1st, and he doesn’t receive anything until the 20th on average. The grace period is 15days. We’ve always paid the late fee with our payment. We also had to get a 2nd on our house in 2004 to pay for medical expenses.
We have kept up with the payments, even though we have to pay late, until November of 2008. More medical expenses had us fall behind a month, but because of the way we always have to pay late, we are considered 2 months behind. The same is the case for our 2nd mortgage. We negotiated a repayment with Wells Fargo, who is currently the owner of our loan since it was bought from Washington Mutual. Our difficulty is, that after making the payment for 3 months now, we are finding it too crippling. We were able to qualify for a hardship program with our 2nd, which is with Beneficial, but it’s only for 6 months. We’re looking for a more long term adjustment so we can continue living in this home. We’ve been told we are good candidates for getting a loan modification. My question is will it be for only for the 1st or can something can be done to combine the two?
Thank you for any words of wisdom.
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